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Litecoin merchant available technologies for blockchain payments

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The currently available technologies for blockchain payments solution that allow companies to accept cryptocurrencies as a payment for transactions and therefore expand payment options outside of traditional payments such as credit cards and wire transfers are various in the marketplace with some large scale companies and major banks already adopting the blockchain to resolve payments faster and cheaper.

A network of communicating nodes running Litecoin software maintains the blockchain. Litecoin merchant is a decentralized electronic payment system and on open-source digital currency created in 2009 by Satochi Nakamoto, to ensure the protection of investments and the free financing by business without calling on financial institutions and outside any constraints and regulations. Transactions of the form payer X sends Y Litecoins to payee Z are broadcast to this network using readily available software applications. It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block of the chain. The Litecoin blockchain is a public ledger that records Litecoin transactions. Litecoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain.

Public key encryption is used in Litecoin transactions to ensure confidentiality. A message created with the private key of the transmitter can be checked by anyone by accessing the appropriate public key, thus ensuring the authenticity of the message. The public key is used to encrypt a text, which can then be decoded only by using the appropriate private key. The private key is used to decrypt encrypted text and create a digital signature.

Litecoin is one of the first implementations of the concept called cryptocurrency, first described in 1998 by Wei Dai on the Cyperpunk mailing list. Litecoins can be saved on a personal computer as a wallet or stored with a third-party wallet service, and in both cases Litecoins can be sent via the Internet to anyone with a Litecoin address. Peer-to-peer topology and the lack of a central service make it unfeasible as an authority, a government, etc. The construction of the Litecoin allows anonymous ownership and transfer. manipulate the value of Litecoin or introduce inflation by producing them.

In this way, Litecoin wallets can calculate the balances that can be spent and new transactions can be checked to involve Litecoins that are actually held by the payer. The integrity and chronological order of the block of chains are empowered by cryptography. The principles of the system are described in Satoshi Nakamoto's 2008 report. The block chain is a common public register on which the entire Litecoin network is based. Litecoin uses the SHA-256 algorithm as a proof-of-work protocol. All confirmed transactions are included in the block chain.

Posted on Jul 02, 2019